Immediacy is the new norm in today’s business environment, and catastrophe risk management is no exception. The insurance industry is increasing its use of catastrophe modeling to inform business decisions, and companies need to be able to run analyses faster—and to run more of them—than ever before.
Executive SummaryMore, better, faster. Insurers and reinsurers need comprehensive views of the risks they face—and they need it yesterday. But is the cloud the answer? Not for everyone, says Bill Churney, COO of AIR Worldwide, who proposes "analytical clustered databases" and "cloud bursting" solutions, as well as open platforms, as he discusses building blocks for the next evolution of catastrophe modeling.
The focus on analytical performance is one of the forces driving the continued evolution of catastrophe modeling. But it’s not just about performance. Of equal importance is the need for companies to develop a more comprehensive understanding of the risks they face. This requires a continued commitment to research and new model development from the model vendors, as well as the ability to embrace third-party solutions to expand model coverage to nonmodeled regions and perils.
The Need for Speed
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